New Credit Card Laws

Laws are in full force this year as Colleges have special requirements limiting credit card marketing. The new credit card laws are designed to try to help educate students about credit, before they actually start to apply for a credit card. In the past, college students simply applied for a credit card, grabbed their free shirt or candy bar that was given to them, and starting to ring up bills on their new student credit card. They had not idea how to properly manage credit, or leverage credit. They simply went on a shopping spree with their free money (in their mind). All was great, untill they received a credit card bill at the end of the month.

Educating college students about credit cards makes sense. If students learn about credit early on in life, they can saves hundreds and thousands of dollars in interest in the future. How? When people go to apply for a homes loan, car loan, or other type of loan, the better there credit history, then the lower the rate of interest they have to pay. Did you ever try to pay off a large credit card bill with an interest rate of 25%? Good luck with that, especially if you have limited income.

Start learning about credit today. You can contact the FTC more more credit card education materials. Once you understand credit and you are interested in applying for student credit cards online, feel free to check out some of our student credit card offers on CreditCardFactory.com.

Some Basics of the New Credit Card Laws

The new credit card laws require credit card companies to disclose certain things such as:

• When your interest rates will increase
• When other credit card fees will increase
• When other significant changes to your terms and conditions will change
• How long it will take to pay off your credit card balance

Students, there laws are here to protect your and educate you, so if you see the opportunity on campus to learn more about credit, then take advantage of it.